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Report Date : |
15.10.2014 |
IDENTIFICATION DETAILS
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Name : |
UNITED ENGINEERING SERVICES LLC |
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Registered Office : |
Azaiba Industrial Estate, Way No. 5007, Area Complex 250, Building No. 673 PO Box 2638, Ruwi 112 2729 790 Azaiba |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.02.1979 |
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Com. Reg. No.: |
1/08681/2 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the import and distribution of drilling
equipment and supplies, engineering machinery and related equipment |
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No. of Employees : |
480 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
OMAN - ECONOMIC OVERVIEW
Oman is a middle-income
economy that is heavily dependent on dwindling oil resources. Because of
declining reserves and a rapidly growing labor force, Muscat has actively pursued
a development plan that focuses on diversification, industrialization, and
privatization, with the objective of reducing the oil sector's contribution to
GDP to 9% by 2020 and creating more jobs to employ the rising numbers of Omanis
entering the workforce. Tourism and gas-based industries are key components of
the government's diversification strategy. However, increases in social welfare
benefits, particularly since the Arab Spring, will challenge the government's
ability to effectively balance its budget if oil revenues decline. By using
enhanced oil recovery techniques, Oman succeeded in increasing oil production,
giving the country more time to diversify, and the increase in global oil
prices through 2011 provided the government greater financial resources to
invest in non-oil sectors. In 2012, continued surpluses resulting from
sustained high oil prices and increased enhanced oil recovery allowed the
government to maintain growth in social subsidies and public sector job
creation. However, the Sultan made widely reported statements indicating this
would not be sustainable, and called for expanded efforts to support SME
development and entrepreneurship. Government agencies and large oligarchic
group companies heeded his call, announcing new initiatives to spin off
non-essential functions to entrepreneurs, incubate new businesses, train and
mentor up and coming business people, and provide financing for start-ups. In
response to fast growth in household indebtedness, the Central Bank reduced the
ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped
the percentage of consumer loans at 50% of borrower's salaries for personal
loans and 60% for housing loans, and limited maximum repayment terms to 10 and
25 years respectively
|
Source
: CIA |
Company Name : UNITED ENGINEERING SERVICES LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 1st February 1979
Commercial Registration Number : 1/08681/2
Chamber Membership Number : 200
Issued Capital : RO 11,000,000
Paid up Capital : RO 11,000,000
Total Workforce : 480
Activities : Distributors of drilling equipment and supplies, engineering machinery and related equipment.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sonita Nair, Finance Manager
UNITED ENGINEERING SERVICES LLC
Location : Azaiba Industrial
Estate, Way No. 5007, Area Complex 250, Building No. 673
PO Box : 2638, Ruwi 112
2729
790
Town : Azaiba
Country : Oman
Telephone : (968) 24592320 / 24592321 / 24592322
Facsimile : (968) 24592065
Email : ues@uesoman.com / uesengg@omantel.net.om
Subject operates from a medium sized suite of offices, a warehouse and a
workshop that are owned and located in the Industrial Area of Azaiba.
Branch Office (s)
Location Description
· Qurum Plaza Building, No. 108 Workshop
premises covering
Al Walag Street 17,000
square metres
Qurum
PO Box: 2729
Seeb 111
Tel: (968) 24561850
Fax: (968) 24562083
· PO Box: 1326 Workshop
premises covering
Nizwa 611 72,000
square metres
Tel:
(968) 25449254
Fax:
(968) 25449331
· PO Box: 216 Workshop
premises covering
Rusayl
124 26,000
square metres
Tel:
(968) 24446200
Fax:
(968) 24446007
Name Position
· Mohamed Barwani Chairman
· Osama Mohamed Barwani Managing
Director
· Neville Storey Chief
Executive Officer
· Shuaib Kasmani General
Manager
· Sonita Nair Finance Manager
· S P Narayan Commercial
Manager
· Mohamed Al Zajali Sales
Manager
· Allan Robello Marketing
Manager
· Hamood Al Rawahy Human
Resources Manager
· Mohamed Al Rokaishi Public
Relations Manager
Date of
Establishment : 1st
February 1979
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/08681/2
Chamber Member No. : 200
Issued Capital : RO 11,000,000
Paid up Capital : RO 11,000,000
· MB Holding Company
LLC 100%
Muscat
Oman
· Smith International LLC
Muscat
· Cameron Services Middle East
Muscat
· SC Tubular
Solutions Oman LLC
Muscat
Activities: Engaged in the import and distribution of drilling equipment and
supplies, engineering machinery and
related equipment.
Subject also acts as fabrication and
petroleum engineers and provides inspection services. Subject’s full range of
services includes:
- API
Oilfield and General Machine Shops (incorporating premium thread connections
such as VAM,
NSPT and NKK)
- Mechanical Design (pressure vessels, heat
exchangers, tanks and structures)
-
Welding and Site Services (Fabrication and repair of pressure vessels,
tanks, chemical injection skids
and
other oilfield equipment)
- Refinery shutdown support services
- Surface Preparation and Coating
- Scaffolding, Blasting, Insulation and
Painting Contracting Service
- Instrumentation and Calibration
- Electric Motor and Generator Rewind Services
- Rental of Drilling Equipment, Tools, Milling
and Fishing Services
- Licensed Repair Facility for Oilfield
Equipment (tools & tubulars)
- Refractory services
The company holds ISO 9001:2000
certification.
Import Countries: France, Italy and Germany.
Customers:
· Petroleum Development of Oman (PDO)
· Oman Refinery Company
· Oman LNG
· Occidental of Oman
· Shell Oman
· Halliburton
· Galfar Engineering & Contracting Company
· Schlumberger
· Dodsal & Co
· Weatherfold
· Al Turki Enterprises
· Cameron Services
· Daleel Petroleum
· Dalma Energy
· Shivani Drilling
· MIDWESCO
· PTTEP
· Deautag
· Thomassen
· Hitachi Zosen
· Great Wall Drilling
Operating Trend: Steady
Subject has a workforce of approximately 480 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales US$
76,534,000 US$ 68,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Ms Sonita Nair, Finance Manager
·
National Bank of Oman Ltd (SAOG)
PO Box: 916
Muscat 113
Tel: (968)
24737837 / 24740595
Fax: (968)
24737836
·
British Bank of the Middle East
PO Box: 240
Muscat
Tel: (968)
24799920
Fax: (968)
24704241
No complaints regarding subject’s payments have been reported.
Local informants spoke to Mr Mohamed Al Rokaishi, Public Relations Manager who confirmed
that the subject merged with “Nizwa United Engineering Co” during October 2014.
“Nizwa United Engineering Co” now ceases to exist as a separate legal entity
with all its activities being taken over by the subject.
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
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|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.